Singer India approves 1:1 rights issue
Mumbai: The board of Singer India has approved an issue of equity shares on a rights basis, the Bombay Stock Exchange (BSE) said on Thursday. Shareholders will be entitled to buy one share for every share held at Rs 10 each, it said.
Ahead of the announcement, shares of Singer India closed 2.2 percent lower at Rs 11.25, while the benchmark 30-issue Bombay index fell 0.69 percent.
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Zee Telefilms, Turner Intl form JV
New Delhi: The board of directors of Zee Telefilms on Thursday approved the formation of a joint venture with Turner International (India) Private Ltd. Zee will hold 74 per cent stake in the new entity, Zee Turner Private Ltd, while Turner would hold the balance 26 per cent.

The new company will distribute a joint bouquet of 17 channels-14 from the Zee stable and 3 from the Turner stable-news channel CNN, movie channel HBO and Cartoon Network.

Zees director and group head-access business DP Naganand will be the chairman of the new company.
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Saregama to acquire 5 Yash Chopra films music rights
Mumbai: Saregama India is all set to acquire the music rights for five films to be made by Yash Chopra. Already, the company has picked up the music rights for three of these films for a total cost of about Rs 15 crore.

The music for the first of these films will be released in the second week of February next year. The movie, which is tentatively titled Saathiyan will be produced by Mani Rathnam and the world rights will be held by Yash Chopra.
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Cadbury to mass market Chocki
Mumbai: Cadbury India Ltd will soon launch the brand Chocki nationally on the retail shelves. The brand is targeted at kids in the age group of 4 to 14 years. Chocki will be priced at Rs 2 for 8 gm. The pricing initiative is directed at consumer acquisition to trigger a high volume share for the brand. Due to its price point, the product is expected to be a bridge product between chocolates and sugar confectionery products.
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UTI under fire for Satyam deals
Mumbai: The Tarapore Committee has termed UTIs decision to invest heavily in Satyam Computers over the last four years as prima facie imprudent and wrong, causing a steep depreciation in its portfolio value.

It has recommended a thorough onsite audit before handing over the case to a pre-investigative body. The entire sale and purchase in Satyam Computers after 1998 was not backed by any fresh report from the equity research cell, it has concluded.

The report said that trading in Satyam was carried out by functionaries with no financial powers delegated to them.

UTI had 2.15 crore shares of Satyam in its portfolio as of June 30, 2001. The holding cost of Rs 967.22 crore depreciated by Rs 599.87 crore as of June 30, 2001.
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Fiat to launch Palios sports version
New Delhi: Fiat India plans to launch a sporty version of the Palio to entice the young and trendy car buyer.
The new variant, fitted with the 1.2 litre engine, would be launched early next year. With the sports version, Fiat would have five variants of the Palio. Besides, the company will also roll out a limited edition model-the Sachin Series-which will sport the 1.6 litre engine.
So far, the Palio ELX (the top end 1.2 litre variant) has accounted for 50 per cent of the total volumes, while around 25 per cent came from the Palio ELPS.
The basic model Palio ELS accounted for 17 per cent of the volumes, with its top-of-the-line model Palio GLX (the 1.6 litre variant) accounting for the remaining 8 per cent.
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Parle to set up mineral water plant in WB
Kolkata: Parle Bisleri has plans to set up a Rs 20-crore plant in West Bengal. The plant will be commissioned by 2002.

Bisleri, which has over 60 per cent share in the Rs 400-crore industry, has 16 plants across the country.
The proposed plant, to be built on a 5-acre land, would have a capacity to produce packaged water worth Rs 50 crore annually.
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IndianOil plans forays into SE Asia
New Delhi: IndianOil is talking to Indonesia's national oil company Pertamina to begin retail selling of petrol and diesel in Indonesia.

IndianOil would enter the retail trade possibly through a joint venture with a local company. The IndianOil would first launch lubricants in the Indonesian market.

IndianOil was also exploring the lubricant market in Malaysia. Indonesia would be IndianOil's launching pad in South East Asian market.
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US power firm Mirant exits India
Mumbai: US energy marketing company Mirant Corp has decided to pull out from India. This would mean its exit from the 3,960 mw Hirma power project, its joint venture in India with the Reliance group, and the 500 mw Balagarh power project, which was to be set up with the RPG group.

Mirant was to hold a 50 per cent stake in the $5 billion project, with Reliance Power holding the balance.

Mirant also has a 26 per cent stake in the coal-fired Balagarh project in West Bengal.
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Tupperware to expand
Kolkata: The US-based Tupperware Corporation plans to expand its presence in India, China and Indonesia. The company is looking at increasing geographical coverage in these countries. The company may also foray into Vietnam at a later stage. Tupperware India Pvt Ltd, a wholly owned subsidiary of Tupperware Corporation, is carrying out awareness campaign as part of its marketing strategy.

The company will be expanding the kids and table serving ranges. Tupperware India has launched over 75 products in 20 cities in the country from 5,000 Tupperware portfolio.

Tupperware India has also commissioned a four-injection moulding machine plant in Hyderabad with an investment of $2 million to meet the requirements of the Indian market.
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ITC to go overseas with Wills Sport brand
Mumbai: ITC Ltd is planning to take the 'Wills Sport' brand of apparels overseas. The company is looking at setting up Wills Lifestyle stores in several countries.

In India, ITC has drawn up plans to create 50 Wills Lifestyle stores by March end. The company also intends to double the number by July 2003. The Wills Lifestyle network will have a mix of company-leased and franchised outlets.

The company plans to invest roughly Rs 150 crore to set up a network of 100 stores in India.

ITC created its lifestlye retailing business division two-and-a-half years ago as part of its diversification into retailing.

The very first product of the new business division, was the Wills Sport line of relaxed wear, which was launched through its own store in July last year.
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